The biggest fear of marketing professionals today is becoming obsolete. With the evolving advent of technology tools and media, working in marketing demands constant self-education to remain at the forefront of strategy and business practices. Emolument.com is keeping an eye on demand across marketing specialism to see how fluctuations in demand are affecting pay in each of the main marketing specialisms including banking, media, travel, energy, insurance and sports.
What pay for which job
|Brand Marketing||Digital Marketing||Direct Marketing||Product development|
Median annual pay (salary + bonus) based on 2,503 marketing professionals working in the UK 2015/2016
Same start, different finish: while all marketing jobs seem to start on similar pay scales (between £25,000 and £27,500), the importance of choosing the right specialism dramatically increases with experience : product specialists can earn almost £40,000 more than digital marketers as senior professionals. The dearth of experienced product developers has driven pay packages up substantially (+27%) over the last 4 years.
Digital Marketing could do better : Considering how digital marketing is on everyone’s lips with demand having sharply increased in the last few years, it is surprising to see that pay lags demand: digital marketing professionals are offered similar or lower salaries than their colleagues in other marketing specialisms (£10,000 less than brand marketing professionals). Is digital marketing becoming a commoditised function?
Highest payers for junior marketing professionals
|Banking & Financial Services||£37,000||£2,000|
|Energy, Chemicals, Environmental||£31,500||£0|
Lowest payers for junior marketing professionals
|Media, Communication, Music, Gaming||£23,500|
|Services, Tourism, Restaurants||£22,000|
|Sports, Culture, Recreation||£22,000|
Long live clichés : Finance of course tops the table as best paying sector in which to start off in marketing (13% above average for banks). With a higher pay across front office and support functions than other sectors, marketing departments also benefit from increased pay packages.
Feel free to follow your dream.. to start off: Junior marketing professionals earn similar amounts across most industries, including charity, sports or media, with salaries ranging between £22,000 and £26,000. At this stage, go with your heart as your selection wont make a dramatic financial impact.
Highest payers for senior marketing professionals
|Sector||Median Salary||Median Bonus|
|Pharmaceuticals & Biotech||£91,000||£20,000|
|Consumer Goods & FMCG||£81,000||£22,500|
|Technology & Telecoms||£86,000||£3,000|
|Banking & Financial Services||£85,000||£8,000|
Lowest payers for senior marketing professionals
|Media, Communication, Music, Gaming||£53,000||£0|
|Consulting & Outsourcing||£49,000||£2,000|
|Charity & Not For Profit||£38,525||£0|
…But beware of long term consequences! For senior marketing manager pay, industry is key. Marketing professionals working in the pharmaceutical industry earn almost three times as much as the ones working in Not for Profit (NFP) organisations – we expected a gap, but even so… Senior managers in a NFP earn less than junior marketers working for investment banks!
Alice Leguay, Co-Founder and COO at Emolument.com said:
‘With the digitalisation of businesses across the board, marketing has shifted from an anecdotal support function (for many) to being the centre of attention and core to growth strategies and brand management, even in industries which had never considered it as such prior to the digital age, such as Biotech or Restaurants. Not only has the expansion of marketing changed company’s structures but it is putting marketing professionals under constant pressure to stay at the forefront of technological improvements, product development (I am thinking about Facebook’s ever-changing advertising platform), adding constant self-improvement to the job description. With new functions emerging all the time, we expect the landscape to keep shifting substantially in the coming years when it comes to pay, as departments become obsolete and new ones step into the spotlight.’